Im a little unclear as to what the 2P statement will include - i.e. does it include all constituent Syngases - or all salable products beyond just methane? I mean a copper gold mine for example will have a JORC statement including grades and quantities of both minerals, so for mine it stands to reason that the upgraded statement will contain all salable products. Its an unconventional resource, so not sure how this plays out to be honest.
Also - the way i read pg 12 Appendix (PRMS Explained) from latest corporate announcement is that the coal resource statement (JORC) is being updated, after which the gas resource statement will be updated (and upgraded) with the PCD data (excerpt below).
It reads to me as though the 65% geological risk weighting will still be applied, but the 80% ISG process risk wont be - as that is now a known in terms of gas recovery per tonne of coal. Its an unconventional resource, so not sure how this plays out to be honest.
Although i do agree that through the life of the asset they wont be able to recover all the available gas as others have pointed out they will need to leave pillars between spend gasifier chambers (full of ash) to stave off ground subsidence, that wont actually affect the size of the resource upgrade - only recoverable GJs across life of asset.
Just food for thought, a Trading Halt will come through any day/week now and we will have our answer
Also - subject lien for this thread ignores that the 50PJ/pa was 'surplus to requirements' as per the EOI advertisement....
Leigh Creek Energy Limited Pathway to 2P Reserves and Urea Production Society of Petroleum Engineers – Petroleum Resource Management System (PRMS) is the internationally recognized standard for reporting oil and gas resources and reserves.PRMS is the petroleum equivalent to the Australian JORC system for minerals .
2 – PCD outcome audit – gas quality and flow rate data recorded during the PCD operation is third party reviewed. Key information sought is the process efficiency and the amount of syngas energy produced per tonne of coal that is gasified – DONE - Current 2C – 377Mt x 65% geological risk and 80T% process risk x 15.2 GJ syngas per tonne of coal = c. 3000 PJ
3 – Certification – PRMS consultant will assess the ISG recoverable coal tonnes (on a risk basis) then multiply the tonnes of coal by the recovered syngas energy value to give a total amount of recoverable Syngas on a PJ basis – COMMENCED AND OUTCOME PENDING
(20min delay)